Every company faces the need for change. Whether your brand has become outdated, you’ve changed your service offering, or you’re looking to connect with a new audience, rebranding as your business evolves offers many benefits if done strategically. Most notably, a successful rebrand can offer differentiation from competition, establish credibility, foster customer loyalty, and boost sales.
However, many business owners subsequently experience more subtle, but equally important opportunities. If your considering a rebrand for you’re business, explore these 5 unexpected benefits:
1. Increase perceived value of your product or service
Your brand and its value boil down to customer perception. With this in mind, increasing the price of your products or services, and how it will be received, are directly correlated with whether or not your audience perceives you as a premium brand.
A strong rebrand accompanied with compelling storytelling provides an opportunity to redefine the value customers place on your offerings and enables your prices to rise accordingly.
2. Connect with a new market segment
Rebranding your business to recharge your connection with your existing audience is a highly desirable benefit, but many business owners fail to recognize the power of a rebrand and the opportunity it presents to connect with a new market segment.
Throughout the rebranding process, businesses are able to identify exactly which customers they want to attract, crafting strategic messaging and honing in on their mission and purpose. As a result, not only are the right customers more likely to engage with your brand, but if done correctly, a rebrand can act as a catalyst for improved brand awareness and business growth with a larger, more meaningful audience.
3. Reflect New Goals, Products, and Offerings
With any business, evolution and growth often lead to new products, offerings, and goals. The challenge then becomes how your existing brand communicates and reflects these changes.
Rebranding offers the opportunity to take an inconsistent or diluted brand message and bring everything back into focus, with a refreshed sense of direction and purpose. Whether the pandemic forced you to pivot your service offerings, the launch of a new product shifted your focus, or you’ve established a new vision for your business, a rebrand is a highly beneficial undertaking to reflect who you are, what you do, and how you’re doing it.
4. Re Energize employees
Many business owners consider the impacts a rebrand will have on their external perception, but don’t recognize the power it has on its internal team and employees across the organization.
Rebranding offers a unique opportunity to re-energize employees and gain buy-in from arguably your most important brand advocates. Engaging team members to solicit opinions and ideas during the rebrand process demonstrates your commitment as an employer, and sparks meaningful engagement with your workforce.
With this in mind, the importance of involving your team throughout the process of rebranding is critical in its long term success. In doing so, you can ensure that your workforce is behind you and have the inspiration needed to live out the new brand, and the value it promises.
5. Attract top talent
Often overlooked, a rebrand can put you at center stage for attracting top talent. With a clear vision, core values, and mission statement, businesses have the ability to not only redefine their brand to customers, but current and future employees as well.
Throughout the rebranding process, it is likely you will focus on how to leave a lasting impression with your customers to establish a connection. While this is an important component, the same importance should be placed on how to connect with the people you hope to join your team. In doing so, you can differentiate yourself in an often crowded landscape and ensure the best candidates for your organization take notice and want to be apart of.
Ready to Rebrand?
The benefits of a rebrand, whether expected or unexpected are clear. Investing in your business to enable attracting more customers (and top talent), reflecting your new vision, re-energizing your workforce, and increasing the perceived value of your products or services are all made possible if done correctly.
At LRO Solutions, we help our clients to bring their vision to life and propel their business forward through strategic brand building. If you’re ready to rebrand or want to learn more about how our team can help, get in touch with us today.